Lesaka Technologies
Lesaka Technologies is a South African financial technology group providing payments, digital banking, and financial services to underserved consumers, small businesses, and merchants.
Last updated August 31, 2026
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Overview
Lesaka Technologies is a South African financial technology company focused on financial inclusion, payment infrastructure, and digitally enabled services for consumers and merchants that have historically been underserved by conventional banks. The company is headquartered in Johannesburg and is listed in both the United States and South Africa, with its shares traded on Nasdaq under LSAK and on the Johannesburg Stock Exchange under LSK. The business originated as Net 1 UEPS Technologies, a company founded in 1997 by Serge Belamant. Net1 developed and commercialized payment and identification technology intended to support transactions in environments with limited banking infrastructure. Over time, its activities expanded into prepaid services, merchant payments, money transfers, and grant-related financial services. Two historically important businesses were EasyPay, a bill-payment and prepaid-services platform, and Cash Paymaster Services, or CPS, which administered social-grant payments in South Africa. CPS became the center of a major controversy concerning the administration of South African Social Security Agency grants. The Constitutional Court found the underlying procurement process invalid in the AllPay litigation, while concerns were also raised about deductions from grant beneficiaries for products and services. CPS remained involved in the grant-payment system from 2012 to 2018 and was later placed into liquidation in 2020. The dispute shaped Net1's governance, reputation, regulatory exposure, and strategic direction. Net1 pursued international expansion through acquisitions and partnerships. It announced the acquisition of Korean payment processor KSNet in 2010, expanded into the United Kingdom through Zazoo in 2015, and reached an agreement involving India's MobiKwik in 2016. KSNet was subsequently sold in 2020, reflecting a broader effort to simplify the portfolio and refocus on core markets. In the same year, Value Capital Partners invested R580 million in Net1 and supported a restructuring involving a new board, management changes, and an emphasis on corporate governance. Herman Kotze, previously the company's chief financial officer, became chief executive after Belamant's departure. Chris Meyers was appointed chief executive in 2021. In 2022, Net1 adopted the Lesaka Technologies name, signaling a repositioning away from its former identity and toward a broader financial-technology platform. The rebrand coincided with the acquisition of the Connect Group, a South African payments and financial-services business, in a transaction valued at R3.7 billion. The present Lesaka portfolio is centered on consumer financial services, merchant acquiring and payments, digital banking, prepaid and value-added services, and software or platform solutions for small businesses. The company has continued expanding through acquisitions, including Touchsides, a platform and software provider serving licensed tavern outlets, and Adumo, a Cape Town-based payments platform acquired for $85 million. Lesaka also agreed to acquire Bank Zero, a South African digital mutual bank, subject to regulatory approvals. Through this strategy, Lesaka has sought to combine a mass-market consumer franchise with merchant technology and regulated or bank-like financial capabilities. Lesaka's positioning is built around access, convenience, and distribution rather than premium banking. Its target users include social-grant recipients, low- and middle-income consumers, informal and formal merchants, and small businesses that need payment acceptance, cash management, settlement, and digital financial tools. The company's history gives it substantial experience in serving high-volume, low-value transactions, but also leaves it subject to close scrutiny regarding consumer protection, data use, pricing, governance, and regulatory compliance.
History
Lesaka Technologies traces its origins to Net 1 UEPS Technologies, founded in 1997 by Serge Belamant. The original company developed payment and transaction technology intended for settings where conventional banking infrastructure was limited. Its work became associated with electronic payments, identity-linked transactions, prepaid services, and financial products for people who were not well served by mainstream banks. Net1 developed a substantial South African operating presence through businesses such as EasyPay and Cash Paymaster Services. EasyPay supported bill payments and prepaid services, while CPS became the contractor responsible for distributing South African Social Security Agency grants to millions of beneficiaries between 2012 and 2018. The grant-payment contract generated significant commercial scale but also intense legal and political scrutiny. The procurement process was challenged in the AllPay litigation, and the Constitutional Court ruled the contract invalid. Further criticism concerned deductions from grant payments for products including loans, airtime, and other services. These events created continuing legal, regulatory, and reputational consequences for Net1 and CPS. The company also pursued international expansion. It announced the purchase of Korean payment processor KSNet in 2010, acquired Zazoo in the United Kingdom in 2015, and reached an agreement involving Indian digital-wallet company MobiKwik in 2016. The international portfolio was later rationalized. KSNet was sold in March 2020 to Stonebridge Capital and Payletter, reportedly for more than the original acquisition price. Belamant left Net1 in 2017 under a separation agreement filed with the SEC. Herman Kotze, who had served as chief financial officer, became chief executive. In 2020, Value Capital Partners invested R580 million in the company and helped initiate a strategic reset involving board and management changes and a stronger emphasis on corporate governance. CPS entered liquidation in September 2020 amid the continuing aftermath of the social-grant controversy. Chris Meyers became chief executive in 2021. Under the revised strategy, Net1 placed greater emphasis on financial inclusion, merchant services, payment acceptance, and digitally delivered financial products. In 2022, the company changed its name to Lesaka Technologies. The new identity was introduced as the company completed the acquisition of the Connect Group, a South African transaction valued at R3.7 billion and approved by South African competition authorities. The rebranding represented an effort to distinguish the company's future-facing financial-technology strategy from the controversies associated with its former name and legacy grant-payment operations. Meyers left the chief executive role in 2023. Ali Mazanderani became executive chairman, while former chairman Kuben Pillay moved into the role of lead independent director. Lesaka continued to build its merchant and small-business ecosystem through acquisitions. In 2024 it announced the acquisition of Touchsides, a platform and software provider for licensed tavern outlets, and acquired Adumo, a Cape Town-headquartered payments platform, for $85 million. In 2025, Lesaka agreed to acquire Bank Zero, a South African digital mutual bank, for R1.091 billion. The transaction was subject to regulatory approval. The proposed deal reflects Lesaka's continuing attempt to combine payments distribution, merchant relationships, consumer financial services, and digital banking capabilities. Lesaka's historical development therefore consists of three broad phases: technology-led payments and international expansion under Net1; a period of legal, regulatory, and governance pressure connected with grant payments; and a reoriented financial-inclusion and merchant-services strategy under the Lesaka name.
- 2025
Bank Zero acquisition agreement
[1]Lesaka agreed to acquire Bank Zero for R1.091 billion, subject to regulatory approvals.
- 2024
Touchsides acquisition announced
[1]Lesaka announced a transaction for Touchsides, a platform and software provider for licensed taverns.
- 2024
Adumo acquisition
[1]Lesaka acquired Adumo, a Cape Town-based payments platform, for $85 million.
- 2022
Net1 adopts the Lesaka name
[1]Net1 rebranded as Lesaka Technologies during the Connect Group transaction.
- 2022
Connect Group acquisition approved
[1]South African competition authorities approved Lesaka's R3.7 billion acquisition of Connect Group.
- 2021
Chris Meyers becomes chief executive
[1]Chris Meyers was appointed chief executive of Net1.
- 2020
Governance and strategy reset
[1]Value Capital Partners invested R580 million and supported changes to the board, management, strategy, and governance framework.
- 2020
CPS enters liquidation
[1]Cash Paymaster Services entered liquidation after the prolonged grant-payment dispute.
- 2017
Founder departs
[1]Serge Belamant left Net1 and Herman Kotze became chief executive.
- 2012
CPS begins SASSA grant-payment role
[1]Cash Paymaster Services became the primary contractor for distributing South African social grants.
Products and positioning
A financial-inclusion and payments platform serving underserved consumers, informal businesses, and merchants across selected African markets.
Bill payment and prepaid services
EasyPay
EasyPay is a long-standing Net1-related platform associated with bill payment, prepaid airtime, electricity, and other everyday transaction services. It forms part of the company's broader effort to provide accessible payment channels to consumers who may rely on cash or nontraditional financial-service access points.
Digital financial services
EasyPay Everywhere
EasyPay Everywhere is a financial-services platform associated with Lesaka's consumer and financial-inclusion activities. It has served social-grant recipients and other mass-market customers through transactional and related services, extending the company's role beyond payment processing into day-to-day financial access.
Merchant payments and financial services · 2022
Connect Group services
The Connect Group expanded Lesaka's presence in merchant-facing payments and financial services. Its integration supports Lesaka's strategy of connecting small businesses and merchants with payment acceptance, settlement, value-added services, and other tools used in daily commerce.
Payment platform
Adumo
Adumo is a South African payments platform headquartered in Cape Town. Its acquisition added payment acceptance and merchant-processing capabilities to Lesaka's portfolio and strengthened the group's ability to serve businesses operating across formal and emerging-market channels.
Platform-as-a-service and software-as-a-service
Touchsides
Touchsides provides platform and software capabilities for licensed tavern outlets. Its addition gives Lesaka technology and data-enabled tools for a specialized merchant segment while supporting the group's wider merchant-services and distribution strategy.
Social-grant payment administration
Cash Paymaster Services
Cash Paymaster Services was the Net1 subsidiary responsible for administering South African social-grant payments from 2012 to 2018. The business was commercially significant but became associated with procurement litigation and criticism over deductions from grant beneficiaries. CPS entered liquidation in 2020.
Controversies
2012
SASSA grant-payment contract controversy
Cash Paymaster Services became the primary contractor for South African social-grant payments under a contract valued at R10 billion over five years. The procurement process was challenged, and the Constitutional Court found the contract invalid in the AllPay litigation. The arrangement also attracted criticism over deductions from grant beneficiaries for loans, airtime, and other services. CPS later entered liquidation, while SASSA stated that it intended to recover money it considered owed.
Brand decisions
2025
Agree to acquire Bank ZeroM&ABackground
Lesaka sought to extend its payments and financial-services ecosystem into digital banking.
Action taken
The company signed an agreement to acquire South African digital mutual bank Bank Zero for R1.091 billion, subject to regulatory approvals.
Aftermath
The transaction remained dependent on regulatory clearance.
Proposed acquisition value. R1.091 billion (2025)
2024
Acquire AdumoM&ABackground
Lesaka was expanding its merchant acquiring and payment-processing capabilities in South Africa.
Action taken
Lesaka acquired Cape Town-based payment platform Adumo.
Aftermath
Adumo strengthened Lesaka's payment-platform and merchant-services portfolio.
Acquisition price. $85 million (2024)
2022
Acquire and integrate the Connect GroupM&ABackground
Net1 sought to build a larger South African payments and financial-services platform focused on consumers and merchants.
Action taken
The company acquired 100% of the Connect Group in a transaction valued at R3.7 billion, following competition approval.
Aftermath
The transaction coincided with the rebranding of Net1 as Lesaka Technologies and broadened the group's merchant and consumer-service capabilities.
Acquisition value. R3.7 billion (2022)
2022
Rebrand from Net1 to Lesaka TechnologiesOtherBackground
The former Net1 identity was strongly associated with legacy payment activities and the controversy surrounding social-grant administration.
Action taken
The company adopted the Lesaka Technologies name while repositioning itself as a broader financial-technology and financial-inclusion group.
Aftermath
Lesaka continued expanding through consumer, merchant, payment-platform, and digital-banking investments.
2020
Refocus on governance and core financial-inclusion activitiesStrategyBackground
Net1 faced reputational and regulatory pressure connected with its former grant-payment activities and was reassessing its international portfolio.
Action taken
Value Capital Partners invested R580 million and supported a new board, management changes, strategic redefinition, and stronger corporate-governance measures.
Aftermath
The company subsequently sold KSNet, continued developing consumer and merchant services, and later adopted the Lesaka Technologies identity.
Investment. R580 million investment by Value Capital Partners (2020)
Recent events
Net1 agrees to sell KSNET[2]
Reported:
Net1 UEPS Technologies agreed to sell its South Korea payment processor unit, KSNET, to Stonebridge Capital and Payletter for $237 million. The transaction was expected to close in March.
Sources2 sources
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